Apollo Hospitals Enterprise Ltd said that it had received an approval from Insurance Regulatory and Development Authority of India (IRDAI) on January 1 for the transfer of upto 51.2% stake held by the company along with Apollo Energy Company Ltd (AECL) and other shareholders in Apollo Munich Health Insurance Company Ltd (AMHI) to Housing Development Finance Corporation Ltd (HDFC).

The company added that AMHI, HDFC Ergo and HDFC have received requisite approvals for the said acquisition from Competition Commission of India (CCI), the Reserve Bank of India (RBI) and the last being from Irdai on January 1, 2020.

AHEL also added the board of Apollo Hospitals Enterprise has approved sale of the entire 9.96% equity stake held by AHEL in Apollo Munich Health Insurance Company on June 19, 2019.

The share-purchase agreements (SPA) had been executed by and amongst, AHEL, HDFC, HDFC ERGO General Insurance Company (HDEC Ergo), Apollo Munich Health Insurance Company Ltd (AMHI), Apollo Energy Company Ltd (AECL), Munich Health Holdings and other shareholders of AMHI for and in connection with the acquisition of upto 51.2% of shareholding of AMHI by HDFC from AHEL, AECL and other shareholders, Apollo Hospitals said.